Solar & Battery Regulation & Incentive Programs

Multifamily Navigator Pre-Development Energy Loan Program

Program Overview


Category:
Financial Incentive
Program Type:
Loan Program
Implementing Sector:
State
State:
Connecticut
Eligible Storage Technologies:
Solar Photovoltaics, Geothermal Heat Pumps, Water Heaters, Furnaces, Boilers, Heat pumps, Air conditioners, Windows
Website:
http://ctgreenbank.com/programs/multifamily/navigator/
Loan Term:
Loan must be repaid 24 months from closing or upon financing and installation of the energy improvements, whichever is sooner.
Interest Rate:
0% for qualified affordable properties (60% or more of the housing units serve residents with income up to 80% of Area Median Income);
2.99% for market-rate properties
Administrator:
CT Green Bank
Applicable Sectors:
Multifamily Residential
Last Updated:
09/01/2017

Summary

Connecticut Green Bank’s Navigator Pre-Development Energy Loan is a simple, unsecured pre-development loan that funds customized analysis and design of energy improvements for multifamily properties using owner-selected and managed technical service providers.

Eligibility

The program is open to multifamily housing properties with 5 units or more. Income eligible and market rate properties can participate (Private and non-profit owners, public housing authorities, senior/assisted living communities, condominium/co-op associations, etc.)

Program Description

The Navigator loan program allows property owners to select and manage their own service professionals. Owners cover 25% of pre-development costs; Connecticut Green Bank loans 75% of costs. Eligible costs include:

  • Energy benchmarking, opportunity assessments, audits
  • Green charrettes and physical needs assessments
  • Energy-related health and safety assessments
  • Design, engineering and bidding work
  • Costs to secure energy upgrade project financing
  • Other reasonable expenses needed to get your energy project designed and funded